Arabian Mills for Food Products Company (Arabian Mills) has announced a price range for its upcoming initial public offering (IPO) on the Saudi stock exchange, targeting a capital raise between 954 million and 1.01 billion Saudi riyals ($255-$271 million). The company has set the offer price range at SAR 62 to SAR 66 per share, valuing Arabian Mills at an estimated market capitalization between SAR 3.18 billion and SAR 3.38 billion.
The IPO process began with the institutional book-building period on September 1 and is set to conclude on September 5. The final price of the offer shares will be determined upon the completion of this process on September 11.
Arabian Mills plans to float 30% of its capital, equivalent to 15.39 million shares, on the main market, a move that was initially announced in late August. The company has selected HSBC Saudi Arabia to act as the financial advisor, global coordinator, bookrunner, underwriter, and lead manager for the IPO.
For retail investors, Alrajhi Bank, Saudi Awwal Bank, and Banque Saudi Fransi have been appointed as receiving agents, facilitating the subscription process. This IPO is seen as a significant step for Arabian Mills, potentially boosting its growth trajectory and market presence.
